Frenzy of the last two years seen as new normal of the property market!

According to property portal OnTheMarket (OTM), the frenzy of the last two years is now changing into a “new normal” as stock levels begin to improve and buyer/seller confidence is maintained. The rising cost-of-living and the potential for further interest rate rises from the Bank of England appear not to have impacted buyer and seller sentiment yet with 76% of active buyers in the UK confident that they would purchase a property in the next three months and 82% of sellers confident that they could complete a sale.

OTM research also showed that buyers are confident about getting a mortgage. While there have been four interest rate rises, taking rates up to 1% from the low of 0.1% seen during the height of the pandemic, mortgages do not seem to be a concern. More than a third of buyers already had a mortgage agreement in principle in place in April, with only 1% of movers reported to be ‘very worried’ about mortgage availability.

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